Indonesian property developer Lippo Karawaci is believed to have pulled its liability management exercise on Wednesday after volatile markets made it impossible to achieve its size and pricing targets.

The company and its lead managers have yet to confirm the demise of an exchange offering for the group's 2019 notes and a concurrent new 2023 bond offering. But a number of non-syndicate bankers, fixed-income analysts and investors said company insiders told them of its postponement early on Wednesday.

The news, if confirmed, will not come as much as a surprise to the wider market since the deal had clearly been struggling after the syndicate increased...

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